Anadys Pharmaceuticals Inc. (NASDAQ: ANDS) shareholder litigation in connection with alleged unfair takeover offer
On October 17, 2011, Anadys Pharmaceuticals Inc. ("Anadys" or the "Company") announced that it has agreed to sell the Company to Roche Holding AG. Under the terms of the transaction, Anadys shareholders will receive $3.70 in cash per share of Anadys stock they own. The transaction is valued at approximately $230 million.
The investigation concerns whether the Anadys Board of Directors breached their fiduciary duties to Anadys stockholders by failing to adequately shop the Company before entering into this transaction and whether Roche Holding AG is underpaying for Anadys shares, thus unlawfully harming Anadys stockholders. Roche has said that the proposed acquisition would boost its own portfolio of hepatitis C drugs, which include Pegasys and Copegus. While the deal is priced at $3.70 per share, at least one analyst has set a price target for the stock of $4.00 per share.